Loan Officer Tips
You may be aware that computer algorithms are increasingly dealing with the duty of home loan underwriting. Many people who make an application for, say, home loan never speak to a loan officer. Rather, an algorithm shall review their documents and accept or reject their application for the loan.
But, algorithms have actuallyn’t totally replaced the loan https://speedyloan.net/reviews/checkmate-loans officer. You’ll nevertheless find loan officers doing work in commercial banking institutions and credit unions. Lenders nevertheless depend on loan officers to display some candidates. As a whole, though, loan officers will be the first layer of testing, before individual or underwriting that is algorithmic destination.
A present ProPublica research discovered that some algorithms end in discrimination when you look at the home loan approval procedure. Simply put, in the event that you talk with a loan officer as well as an underwriter and also have a chance in order to make your situation to a being that is human you’re one of many fortunate people. (more…)